Alibaba Quarterly Profit Sinks Despite Rise in Sales
By Tracy Qu
Alibaba Group's profit sank in the latest quarter, even as revenue rose on higher sales in its key e-commerce, cloud and logistics businesses.
The Chinese company said Tuesday that net income in its fiscal fourth quarter ended March fell 86% from a year earlier to 3.27 billion yuan ($452.1 million), well short of expectations for CNY15.27 billion in a FactSet poll of analysts. Alibaba said the bottom line was hurt by a net loss in investments during the quarter due to mark-to-market changes.
Adjusted net profit, which excludes the effects of share-based compensation expenses, investment gains and losses, some impairments and other items, fell 11% to CNY24.42 billion.
Quarterly revenue rose 6.6% to CNY221.87 billion, slightly beating analysts' estimates of CNY220.62 billion.
Sales at Alibaba's core domestic e-commerce business, Taobao and Tmall Group, rose 4% from a year earlier to CNY93.22 billion, while its cloud-computing unit posted a 3% increase in sales to CNY25.595 billion.
Alibaba said its board approved a $4.0 billion dividend for the 2024 fiscal year.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
May 14, 2024 07:16 ET (11:16 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now